See Hup plans to buy 51% stake in SH Moment

PETALING JAYA: Logistics company See Hup Consolidated Bhd is proposing to acquire a 51% equity stake in SH Moment Builder Sdn Bhd (formerly known as Hong Seng Builder Sdn Bhd) for RM382,500.

The related party transaction would see the acquirer buying over the said 51% stake from its vendors – Datuk Teoh Hai Hin (50%) and Teoh Hai Bim (1%).

“SH Moment is a contractor registered with the Construction Industry Development Board and holds a Grade G7 construction licence that allows it to undertake the building construction works, civil engineering construction and supply of various mechanical equipment with an indefinite contract value,” its filing with Bursa Malaysia said.

“The company has yet to commence business. The audited net liabilities of SH Moment as at financial year ended March 31, 2017 (FY17) was RM96,864,” it added.

The proposed acquisition, which is expected to be completed within the second quarter of this year, would give See Hup an opportunity to undertake projects in the public sector through the G7 licence registered in the name of SH Moment.

“The group could initiate its participation through the provision of logistics-related services to the said projects and subsequently undertake public construction projects on its own in future,” it said.

The proposed acquisition would be satisfied by cash through internally generated funds, it added.

It said that there was no liability, including contingent liabilities and guarantees, that would be assumed by See Hup arising from the acquisition.

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